$CAKE Staking... Day 1 Result
PancakeSwap is actually in top 10 right now
So I finally jumped in to $CAKE stuff.
If you are intereted on how to Stake CAKE and step by step guide is here.
https://www.stakingrewards.com/journal/how-to-stake-cake-on-pancakeswap
Staking CAKE is mildly easy and requires a metamask wallet or Binance Chain Wallet containing CAKE and BSC (BNB) to pay for gas.
With current participation rates you can ear an APY of over 175% in the CAKE Pool.
You can follow our Step-by-Step Guide on How to Stake CAKE in the CAKE Pool on PancakeSwap here.
This is just a very brief overview ☝️ of what it is... the actual steps are little more involved especially if you live in a country where Binance(and its token) doesn't work well.
So it took me a while to set up my wallet and connect to Pancake.
Once you have have BNB token in your wallet, the rest is easy.
You can just pretty much follow these steps and stake some $CAKEs.
My steps are too complicated and it doesn't apply to most of the people because Binance stuff work as it supposed to so I won't go over my steps.
But I am just going to show the result.
I only staked 20 $CAKEs and after 1 day, I got 0.0079 $CAKE
CAKE is about $7 so staking reward is about $0.5 a day which is not bad.
Great thing about this taking is the fees. Transaction fees are very small compared to ETH gas fees so that is a huge plus.
Big negative is that it is hard to deal with Binance stuff and tokens and everything in the US.
Maybe I am just new to this and don't know what to do with Binance... anyway.
What are you guys doing with the $CAKE tokens you earned... anything good?
Processes are not very user friendly.I think that with time inance and the other exchange houses will improve this very easy process for everyone.
Thanks for sharing this information and I think a profit of $ 0.5 per day is very good.
If there was a cyber nearby where I live I would surely get into this, but doing it from my low-end cell phone is extremely difficult.
Your contribution is very good, thank you for sharing it with the community .
I live in a place where Binance hates so process is a lot more complicated but if Binance doesn't hate your country, it is very simple and all you need is your phone!
Nice that you get on pancakeswap club too. I got in last January.. btw this is another way to get in if people prefer to use mobile via trustwallet apps https://community.trustwallet.com/t/how-to-earn-farm-and-stake-cake-on-pancakeswap-with-trust-wallet/70964
Oh nice you are a pancake maker too! I use trustwallet now for pancake but there are so many restrictions for US users so a lot of stuff don't work like this and it is so hard to swap CAKE and BNB and stuff... I will just save them and deal with them when I go to Japan next time lol
Enjoy the staking reward.
I have not bought any cake coin as of yet but I’m a really excited for the project. I think that your returns so far are very good. This seem to be very promising for the long term.
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When life gives you lemons make lemonade! 😃 @swt3df1
hahaha cool :)
Haha. Right on!! Thanks.
I've not really started to stake cake but it seems I am now interested in staking some cakes just like you're doing.
Thanks for sharing this great post with love from @hardaeborla ❤️💕💓
cool cool!!!